Forbright (NASDAQ:FRBT) Raised to Hold at Zacks Research

Forbright (NASDAQ:FRBT) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

FRBT has been the topic of several other research reports. Barclays boosted their price objective on shares of Forbright from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Monday. JPMorgan Chase & Co. raised Forbright from a “neutral” rating to an “overweight” rating and cut their price target for the company from $23.00 to $22.00 in a report on Thursday, October 1st. Wells Fargo & Company reduced their price objective on Forbright from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, September 30th. Weiss Ratings began coverage on Forbright in a report on Tuesday, September 8th. They set a “sell (e)” rating on the stock. Finally, TD Cowen began coverage on Forbright in a research report on Monday, July 6th. They set a “buy” rating on the stock. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Forbright has an average rating of “Moderate Buy” and a consensus target price of $22.40.

Forbright Price Performance

NASDAQ FRBT opened at $18.11 on Tuesday. Forbright has a fifty-two week low of $16.81 and a fifty-two week high of $22.00. The company’s 50-day moving average is $18.61. The company has a current ratio of 0.95, a quick ratio of 0.88 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $919.26 million and a price-to-earnings ratio of 201.22.

Forbright (NASDAQ:FRBT) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The firm had revenue of $84.87 million for the quarter, compared to analyst estimates of $85.24 million. On average, equities analysts expect that Forbright will post 1.14 EPS for the current year.

Hedge Funds Weigh In On Forbright

A hedge fund recently bought a new stake in Forbright stock. Wellington Management Group LLP purchased a new stake in shares of Forbright, Inc. (NASDAQ:FRBT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,596,821 shares of the company’s stock, valued at approximately $47,496,000. Wellington Management Group LLP owned about 5.23% of Forbright at the end of the most recent reporting period.

Forbright Company Profile

Forbright Inc operates as the bank holding company for Forbright Bank which provides various financial services for consumers and businesses principally in the United States. It offers checking and savings accounts, certificates of deposit, and other account and branch banking services and corporate, fund, healthcare, lender, and real estate financing as well as credit cards. Forbright Inc is based in Chevy Chase, Maryland.